Corridor Announces a Strategic Acquisition in East Lansing, Michigan: Hunters Ridge Apartments

Hunters Ridge Apartments

Corridor Ventures is excited to announce our recent joint venture acquisition of Hunters Ridge Apartments, with our co-sponsor and partner, RM Communities. This 170-unit, 2004 vintage, multifamily asset in East Lansing, Michigan is the latest example of our strategic focus on proven value-add assets in recession-resilient markets with promising early cash flow.

Robust Market Positioning

Hunters Ridge is located in one of the more affluent neighborhoods bounding Michigan’s capital city, Lansing, and is situated less than 5 miles from Michigan State University (MSU). With an employee base derived from MSU and nearby Sparrow Health System, as well as the upcoming GM and LG Energy Solutions electric battery plant, the economy is reliably anchored by the government, education, healthcare, and technology sectors.

Average single-family home values within a 4-mile radius of Hunters Ridge exceed $500,000. The property offers a unique built-to-rent-style, featuring large floorplans and attached garages, in an area with almost no competitive rental supply in the pipeline. The property’s 97% occupancy rate demonstrates the market’s interest in renting over buying, making Hunters Ridge an attractive option for those seeking housing in the area.

High-Quality, Consistently Occupied Asset

The previous owner’s careful attention to ongoing maintenance and the renovation of 38 unit interiors means that we’ve acquired a clean property with little need for deferred maintenance investment or amenity enhancements. Our business plan focuses on continuing the seller’s proven interior value-add program at a strategic pace that supports higher occupancy rates and bolsters cash flow. We’ve also retained the in-place property management company, Village Green, allowing us to leverage their deep understanding of both the asset and the local market.

Advantageous Debt Structure

With our joint venture partner, RM Communities, we assumed attractive in-place Fannie Mae debt with a fixed interest rate of 3.33% and nearly 8-years of remaining term, which includes flexible prepayment options as early as July 2028. This low fixed-rate debt, representing just 55% total leverage, allows for strong cash flow from day one and significantly limits our business plan execution risk.

Strong Partnership

The acquisition of Hunters Ridge represents a first joint venture between Corridor Ventures and RM Communities – two experienced sponsors with strong track records in real estate investment and asset management. Between our companies, we own and operate over 5,000 units across 12 states, with more than $800MM in real estate assets. We’ve purposefully and strategically structured this acquisition with strong alignment of our interests and risk in mind.

We look forward to working with RM Communities to enhance and improve the Hunters Ridge property and community living experience, while also delivering value to our investors.

About Corridor Ventures
Corridor Ventures is a real estate investment and operating firm that creates unique opportunities to invest in real estate and adjacent assets, with a sharp focus on aligning our interests with those of our partners. The company is led by a seasoned team of real estate investors with a 20-year track record of delivering outsized returns on over $1 Billion in investments across a variety of asset classes and geographies through thoughtful acquisition, development, and asset management.

About RM Communities
RM Communities is a sister company to RealtyMogul, one of the leading real estate technology platforms. RM Communities is an owner/operator of multifamily assets with a proprietary playbook to deliver strong risk-adjusted returns. RM Communities has grown its real estate portfolio to include nearly 2,200 multifamily units and over $350 million in real estate with a fully dedicated team of acquisitions, underwriting, and asset management professionals.

About Village Green
Village Green is an institutional multifamily operator, headquartered in Detroit, that manages 40,000 units in 50 cities nationwide.

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Homepage: Photo by Grant Lemons on Unsplash

Market Focus: Photo by Omar Flores on Unsplash

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Aligned Capabilities: Photo by Kyle Sudu on Unsplash

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